Rolls-Royce has hired its first advertising agency in America. The task for the agency is to create a new, younger image for the car that is a cliché for wealthy, old men with chauffeurs.

The company believes its appeal to well-heeled, older buyers remains strong, but Rolls-Royce wants to capture younger, affluent drivers as well. Word is that the agency is likely to utilize a lot of live, promotional events, as opposed to traditional media advertising.

At the same time, Bank of America wants to repair its image. There are plans for a multi-media campaign focusing on the bank’s charitable efforts and programs to help local businesses and borrowers. This comes in the wake of a public furor for increasing debit card fees.

Brand image always is important for every company, especially those that provide consumer goods and services. In Rolls-Royce case, it’s not easy to have two images: one for youth and one for old goats. But there are plenty of cases of different market segments buying the same product for different reasons.

In the case of Bank of America, we all know that Americans have very short memories. It may not seem fair, but if they do it right, in a few months B. of A. will be favored as a very altruistic brand.

John Malmo is a marketing consultant who concentrates on helping business owners grow their businesses with effective marketing. To reach Mr. Malmo, hear and read more of his commentaries, or ask him a direct question, go to AskMalmo.com.